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THE GREAT COMPROMISE: Taking the lectern, President Obama begins by thanking "my friend," Vice President Biden. He then acknowledges some Republicans who are there: Senate Minority Leader Mitch McConnell and Dave Camp, in addition to Democrats -- Dick Durbin, Max Baucus and others.

"We've got to think about what's best to grow the economy and what's best to put people back to work," he says, calling the tax package "good news" for Americans. It passed by a "wide bipartisan margin," Obama says.

The legislation, Obama says, is a "substantial victory for middle-class families across the country." (4:10 p.m.)

Obama says the bill will give "real money" to families and businesses, and that "as soon as I sign this legislation, 2 million Americans ... can know with certainty that they won't lose" their insurance at the end of the month. He says he expects that in all states, these people will get their benefits before Christmas. (4:12 p.m.)

With Republicans standing just feet away from him, Obama says that "there are some elements of this legislation that I don’t like" and "some elements that members of my party don’t like." And he continues: "There are some elements that Republicans here today don’t like. That's the nature of compromise -- yielding on something each of us cares about to move forward on what all of us care about."

He jokes that there will be times in the future where the spirit of compromise isn't as bountiful as it is now, and he hints that both parties will need to work together to address the deficit. Obama thanks members of his staff for working on the deal, and the members of both parties who were involved.

Obama says he's hopeful that by signing the legislation, "we might refresh the American people's faith in the capability of their leaders to govern in challenging times."

With that, Obama signs the bill. (4:17 p.m.)

As soon as he's done, Vice President Biden reaches over the desk on which the bill sits and shakes McConnell's hand. Obama stands up, shakes the hands of those surrounding him, and then steps down off the stage. (4:18 p.m.)

Read Joe Biden's introduction, after the jump ...
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FROM THE TOP -- Vice President Biden, introducing President Obama, begins with a joke -- he says he "was going to say a 'big deal' -- but an important deal," a reference to his comments over the health care signing, to which the audience laughs. "I can no longer say 'big deal,' " he says. "Thank God my mother wasn't around."

Biden continues to praise the tax-cut "compromise" and Senate Minority Leader Mitch McConnell for working with the White House. He says the legislation will move the country "forward" and that middle-class families will be helped by it.

"I believe it's the right thing to do," he says. "This is an example of what can happen when you have a president who knows what needs to be done and acts tenaciously to make sure it happens." (4:07 p.m.)